There are some similarities between the US auto industry today and the US housing market in 2008. After years of rising auto debt, banks have tightened lending standards on auto loans, prompting a fall in car sales this year and raising fears of another subprime crash. Irresponsible lenders may well see losses rise, but this will not lead to another fullblown economic crisis, like rising mortgage defaults did ten years ago. In fact, with car sales per capita below their...